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International Islamic Trade Finance Corporation (ITFC) Wins ‘IFN Sovereign & Multilateral Deal of Year Award’
ITFC Recognized for Trade Finance Deal Provided to Djibouti’s Energy Sector
In 2023, ITFC will build on its successes to be a greater catalyst for trade development among OIC member countries
The International Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), announced that Islamic Finance News (IFN), the world’s leading Islamic finance news provider, selected the Corporation’s trade finance deal of US$75 million in support of International Hydrocarbons Company of Djibouti (SIHD) as the IFN Sovereign & Multilateral Deal of the Year 2022.
The award was presented at the IFN Awards ceremony held in Dubai, where the ITFC team, led by GM of Trade Finance, Mr. Abdihamid Abu, and a team representing SIHD were in attendance to receive the prestigious recognition.
The Syndicated Murabaha deal, structured by ITFC, was designed to secure the import of refined petroleum products into Djibouti and ensure the strategic procurement of all petroleum products required by the key sectors of the economy (transportation, electricity generation, construction, and agriculture…).
The subject-revolving financing facility was combined with a capacity-building program conducted in conjunction with the Tunisian International Refining Company (STIR) in accordance with ITFC's Integrated Trade Solution approach to increase the development impact. The program enabled SIHD’s staff to advance their knowledge of automation best practices for the oil sector as well as petroleum storage and management.
It is worth noting that in the face of rising commodity prices and geo-political tensions, ITFC has shown its capacity to mobilize sizable resources for the country’s energy security.
Commenting on the award, the CEO of ITFC, Eng. Hani Salem Sonbol said: “We are extremely honored to receive the ‘IFN Sovereign & Multilateral Deal of Year Award’ which truly demonstrates the commitment of the ITFC team in reaching our goal of improving the socioeconomic conditions of the people across the world. In 2023, ITFC will build on its successes to be a greater catalyst for trade development among OIC member countries.”
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$68 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.